Is it Time to Refinance?
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- Category: Real Estate
The Federal Reserve recently announced that they would buy mortgage-backed securities in an effort to reduce borrowing rates and stimulate the economy. As a consequence, home mortgage rates are at historic lows. Just how low? We spoke to Jim Van Slyck of Thoroughbred Mortgage LLC in Rye Brook this week and he confirmed that it may be a good time to refinance your home mortgage or consider a new purchase.
This week, regular loan amounts (called conforming loans in industry jargon) for loans up to $417,000 are available at a refinance rate of 3.50% . For loan amounts up to $625,500 the rate is 3.625% and for jumbo loan amounts over $625,500 the rate is 3.75%. According to Van Slyck, a popular refinance options is the 15-year fixed which is 2.75% today. Rates for purchase transactions are even lower. The conforming rate up to $417,000 is 3.25% - and the jumbo rate is 3.50% for the 30 year fixed rate. He expects these rates to stay low for some time.
Have questions? Email Jim Van Slyck to learn more about refinancing your home or making a new purchase.
Here are this week’s sales:
19 Innes Road: (Pictured above) Inviting five-bedroom Colonial ideally situated on a serene half acre with just a short walk to shops and school. Expansive dream kitchen with center island, family room and breakfast room offers wide open social spaces, and is certainly the heart of this home. Enjoy beautiful views of yard and pool (12 years old) from most rooms on the first floor. Separate entrance for mudroom, garage and guest bedroom/bath offers convenience and privacy for all. Spacious, thoughtfully renovated and expanded.
Real Estate Taxes: $34,785
Sale Price: $1,625,000
16 Greenacres Avenue: Enchanting Greenacres Colonial in the style of a Swiss Chalet. Features include high ceilings, original tin kitchen ceiling, stunning Tiger oak floors and arts and crafts woodwork, 3 fireplaces, big closets, inviting outdoor areas including a romantic veranda and large patio. Nice flow with European flair. Great location close to Hartsdale's train and amenities plus Greenacres school.
Real Estate Taxes: $25,888
Sale Price: $1,035,000
31 Black Birch Lane: Pella windows, storm doors, molding and more! Gracious center hall opens into beautiful sunny living room with high beamed ceilings, dining room, Both kitchen and playroom access the brand new bi-level pressure treated pine deck. There are three more bedrooms on main floor, including an en suite master bath. Great expansion potential. Buses to all schools, steps to Corell Park.
Real Estate Taxes: $17,409
Sale Price: $835,000
128 Clayton Road, Edgemont: Picture perfect center hall Colonial completely renovated and expanded in 2001. Light, sun splashed rooms, fabulous gourmet center island kitchen with Viking oven, subzero refrigerator, adjoining family room. Level, landscaped grounds with gardens within short walking distance to Greenville ES, commuter bus to station. Ideal for entertaining with living room, dining room, family room and mahogany deck. Complete serenity and tranquility on quiet dead end street. Enjoy CAC, multi-zone heat, hardwood floors, crown moldings.
Real Estate Taxes: $23,067
Sale Price: $775,000
62 Sprague Road: Gracious 4 bedroom Colonial located on a quiet tree lined street. Immaculately maintained and sun-filled this is a home rich in architectural detail featuring hardwood floors with inlays, original wall sconces, decorative moldings and a detailed fireplace. Large archways create an open and bright feel throughout. This inviting home is freshly painted and has a combination of new and freshly re-finished floors on 2nd level. Plenty of storage in the walk up attic.
Real Estate Taxes: $13,382
Sale Price: $630,000
Featured Listing: 49 Wildwood Road
Fabulous new construction set on a quiet cul-de-sac in Quaker Ridge, featuring 6,082 square feet with 5 bedrooms, 5 ½ baths and a wonderful floor plan and oversized patio. Exquisite craftsmanship and top-of-the-line finishes by a prestigious Scarsdale builder. Learn more here: 
List price $2,495,000
Featured Listing: 65 Standish Drive:
Nestled in desirable Wilmot Woods, this lovely four bedroom Cape Cod features an entry foyer that opens to an oversized living room with fireplace, formal dining room opening to patio plus sparkling dine-in-kitchen with original classic vintage Chambers stove. This charming residence is awaiting your special touch. Learn more here :
List Price: $529,000
Featured Listing: 91 Woodruff Avenue
Enjoy the convenience of this renovated, one level, three bedroom home nestled amongst mature trees in a park-like setting and a private garden. Beautiful kitchen with breakfast area and heated floor plus access to a spacious deck overlooking the fenced yard. Sparkling hardwood floors throughout. Learn more here:
List Price: $499,000
High End Sales Start September
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More home demolitions are on the horizon. The Scarsdale Committee for Historic Preservation met this week to consider the fate of another four homes. On the list for tear down was 36 Garden Road, built in 1967 on 1.32 acres with a pool in the Grange in Greenacres. Pictured here, it was listed for $2,195,000 and is currently in contract.
Also to be demolished is 13 Dickel Road, a 3 bedroom, 3 .5 bath colonial on
Plus another big week of sales in Scarsdale – with many high-end home closings. Here they are:
6 Overlook Road: Meticulously renovated Tudor on .58 acres of landscaped property in Fox Meadow. New eat-in kitchen, new bathrooms throughout, new walk-in closet in master suite, and new dining room. Elegant home with architectural details throughout featuring beamed ceilings and crown moldings. Large patio off the foyer provides full view of large backyard.
Sale Price: $2,950,000
Real Estate Taxes: $42,000
1 Deerfield Lane: Custom renovated in 2005 with fine materials and craftsmanship. Stone and clapboard home with beautiful landscaping, masonry work, outdoor lighting and driveway with Belgian block pavers. Attention to detail and finishes. Sophisticated and luxurious with spacious rooms and flow.
Sale Price: $2,950,000
Real EstateTaxes: $46,425
11 Mayflower Road: Exceptional contemporary design and sleek, high-end finishes define this 6 bedroom, 5.5 bath center hall colonial built in 2009. Crown mouldings, wainscoting and abundant light fill the 5,500 square foot open plan. Designer kitchen with island and eating area, granite counters, Sub-zero, Thermador, Bosch appliances; adjoining spacious family room with fireplace. Beautifully landscaped level .45 acre. Generous California Closets.
Sale Price: $2,350,000
Real Estate Taxes: $47,870
16 Wayside Lane: Classic Colonial on park-like 0.83 acre in Fox Meadow Magnificent setting -great location. Home has almost 5,000 square feet of interior space and include 8 bedrooms and 7 bathrooms. Living room with gas fireplace, two butler’s pantries and back stairs.. Master suite has 2 baths. Three-car garage
Sale Price: $2,725,000
Real Estate Taxes: $47,066
85 Walworth Avenue: This beautiful classic colonial in Greenacres is in a great location. House features spacious, well-proportioned rooms; quality architectural details; great flow; easy access to lovely backyard; fabulous basement; designer Rutt kitchen with new granite countertops, Miele, Viking, Wolf; updated baths; brand-new master bath.
Real Estate Taxes: $31,618
26 Lockwood Road: Beautifully renovated and freshly painted Village Tudor with custom designed stained glass windows, hardwood floors, restored woodwork. Large living room with fireplace. Oversized dining room. Family room with floor-to-ceiling windows. Large eat-in-kitchen next to enclosed porch. Master bedroom with bath, walk-in-closet & office. Three bedrooms, full bath. Attic bedroom and full bath, included in square footage.
Sale Price: $1,335,000
Real Estate Taxes: $29,906
43 Paddington Four bedroom Cape on .46 lush acres in Fox Meadow, Features include Master Bedroom/Bath, Living Room, Formal Dining Room, updated Eat-in Kitchen with granite counters, stainless steel appliances, deck, refinished hardwood floors, two fireplaces, two-car garage.
Sale Price: $1,105,000
Real Estate Taxes: $23,979
435 Fort Hill Road, Edgemont: Picturesque and perfect, beautifully renovated and impeccably maintained Edgemont side hall Colonial. Spacious foyer open to living room with fireplace, Dining room with French doors, eat-in kitchen with granite counters and stainless steel appliances. Washer/dryer, lounge area, sand sliding glass doors to stone patio and yard. Family room, renovated full bath and bedroom on main level. Second floor master bedroom with walk in closet and deck. Renovated full bath with whirlpool tub.
Sale Price: $875,000
Real Estate Taxes: $25,270
Sale Price $830,000
Real Estate Taxes: $19,469
63 Walbrooke, Edgemont: Tudor with four bedrooms and two and half baths on a lovely street within walking distance to train and schools Boiler and roof are 5 years old.
Sale Price: $652,000
Real Estate Taxes: $19,119
Featured Listing: 22 Penny Lane: 
Fabulous Center Hall Colonial set on nearly a half acre property. The oversized rooms and flexible floor plan offer a great setting for entertaining and comfortable living. Living room with fireplace, family room and kitchen with breakfast area both opening to a spacious deck. Convenient to school, train and shops. Learn more here:
List Price: $899,000
Featured Listing: 17 Hillburn Road:
Enjoy privacy and space in this classic Center Hall Colonial nestled on a cul-de-sac. Spacious living room featuring a fireplace and doors opening to the patio, kitchen with breakfast area and family room with skylights. Large rooms and wonderful architectural details throughout. Walk to schools. Learn more here:
List Price: $699,000
End of Summer Sales and the Fall Forecast
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A few more homes closed this week, just in time for the opening of school. Now that the summer rush is over, we asked Lewis Arlt, Brokerage Manager at Houlihan Lawrence in Scarsdale for his take on what the fall will bring, and here is what he shared: Nationally, market forecasts are optimistic. Contract signings rose 2.4% in July, to the highest level since April 2010. Closed sales were up 10.4% over last year. Positive numbers are reflected locally as well. In Scarsdale, supply vs. demand ratios remain strong, with 115 Active listings in Scarsdale, compared with 142 last year at this date. And 52 properties in contract, as compared to only 41 last year. This is a significant improvement in the supply demand relationship, which indicates liquidity is growing and the market is strengthening. Prices year to date held at close to the same Median number as 2011, at $1,295,000. Edgemont shows a marked increase in sales over last year - up from 56 to 86 year to date. Although properties priced at the high end are still sluggish. New listings seem poised to enter the market place, buyers and tenants are out looking, and we anticipate a very active fall.
Here’s what sold this week:
41 Murray Hill Road: (Pictured above) A private and secluded retreat on 2 plus acres in Murray Hill. Custom built contemporary of steel, stucco and copper inspired by Frank Lloyd Wright. Built in 1982, and renovated since, this home offers a pond and golf course views, 3 sandstone patios, lawns of blue grass, heated Shoreline pool, 4 car garage, High ceilings, large rooms, walls of glass with views of nature-sunny, bright and private and quiet with an extra building
Sale Price: $2,880,000
Real Estate Taxes: $67,197
41 Butler Road: Elegant Tudor on .39 acres in Fox Meadow. This centrally air conditioned home has a large living room and dining room, Chef's kitchen with access to a patio for outdoor cooking and dining, 2 maid's rooms and bath off the kitchen, a library with generous built-ins, as well as a family room and designer powder room. Upstairs are four generous sized bedrooms with updated bathrooms.
Sale Price: $1,682,600
Real Estate Taxes: $44,120
11 Butler Road: Sun-filled Tudor on picturesque property in Fox Meadow. This enchanting home has been beautifully renovated. Gourmet kitchen adjoins sky-lit dining room with doors to stone patio and yard. Elegant living room ideally suited for gracious living and entertaining. Master bedroom has two walk-in closets and spa bath.
Sale Price: $1,525,000
Real Estate Taxes: $33,000
20 Fenimore Road: English stucco center hall Colonial in Fox Meadow on .40 acre property with big backyard. Chef's kitchen with center island and separate breakfast area, two fireplaces, elegant library plus large family room. New CAC, upgraded electric, radiant heat, hardwood floors, new security alarm system, updated baths, professionally landscaped and new exterior accent lighting.
Sale Price: $1,325,000
Real Estate Taxes: $27,837
148 Nelson: Inviting Tudor built in 2007 with quality construction and many fine upgrades. Versatile great room with a soaring ceiling. Gourmet cook's kitchen with granite counters, custom cabinetry and Viking appliances. Four bedrooms with two full marble baths on the second floor. Two fireplaces. Spacious lower level contains storage room , recreation room and bath.
Sale Price: $975,000
Real Estate Taxes: $25,608
238 Rock Creek Lane: Immaculate home in Secor Farms. Enjoy one floor living, conveniently located, near park and transportation. 3 bedrooms, 2 bath, hardwood floors, playroom and exercise room.
Sale Price: $790,500
Real Estate Taxes: $20,000
7 Glenwood Road, Edgemont: Light and bright three bedroom Tudor with classic architectural details and old world charm. Hardwood floors, steel casement windows, beautiful living room with wood and stone trimmed fireplace, Formal dining room, eat-in-kitchen, master suite and 2 spacious bedrooms on 2nd level, a lovely room with full bath and walk-in closet on 3rd level, perfect for au pair or teen, Four outdoor patios; lushly landscaped private grounds with incredible views.
Sale Price: $934,000
Real Estate Taxes: $26,998
65 Walbrooke, Edgemont: A sparkling gem walking distance to schools K-12, train, Village and Crane's Pond. Lovely gardens and patio, new top notch eat in kitchen, generously proportioned living room with fireplace, large formal dining room, den, New powder room on first floor. Up to master bedroom with gorgeous new bath, 3/1 (updated bath).
Sale Price: $840,000
Real Estate Taxes: $20,094
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Featured Listing: 220 Ferndale Road:
Lovely expanded Ranch featuring two new additions. Bright living room with charming fireplace, dining room with banquette and wonderful open kitchen and family room. Large master bedroom with three further bedrooms plus den that can be a potential fifth bedroom. Enjoy the convenience to the train and bus.
Learn more here
List Price: $799,000Featured Listing: 5 Eaton Lane: 
Nestled on a private .62 acre with pool, this three bedroom home offers a freshly painted interior and sparkling refinished floors. The entry hall opens to a spacious living room with fireplace and cathedral ceiling, modern kitchen and family room both with doors opening to the patio plus a large finished lower level.
Learn more here:
List Price: $799,999
More, Bigger, Better?
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If housing starts in Scarsdale are a bell weather of the state of the economy, it looks like things are looking up in our neck of the woods. Construction abounds around every corner – with bigger homes replacing the Village’s original housing stock. On the one hand, the owners of these large new homes will pay increased real estate taxes and help to fund the Village’s bottom line. On the other, the expansive new homes eat up open space and result in the destruction of trees. Bigger may be better for some, but not if you live next door:
Here are just a few examples of what came down and what’s going up in its place:
10 Normandy Lane: The original 1928 home on this 3 acre property was set far back from the road and surrounded by a
Here are photos of the two new homes under construction on the lot.
Down the street there is new construction at 24 Richbell Road, where a large white colonial has replaced a 1926 white stucco home. The house is already built and plans have been approved for a pool and a tennis court on the almost 2 acre property that was purchased for $3,625,000 in 2011.
See things going up and coming down in your neighborhood? Send pictures and comments to [email protected].
Featured Listing: 26 Murray Hill Road:
Constructed in 1925 and meticulously updated, this all-brick six bedroom Georgian Colonial is set on 1.1 beautifully landscaped acres with secluded pool and pool house. Grand reception hall with columned staircase, modern kitchen with separate breakfast room and family room with full bath. A home for a lifetime.
Learn more here:
List Price: $4,650,000
Featured Listing: 132 Longview Drive
Great potential abounds in this traditional Center Hall brick Colonial. The wonderful floor plan offers a welcoming entry, living room with fireplace, dining room and sun drenched kitchen. Hardwood floors. Close to school and transportation.
Learn more here:
List Price: $500,000
New Real Estate Tax in Effect in 2013 and More Sales
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- Category: Real Estate
A new 3.8% tax on some real estate transactions will go into effect in January, 2013. The tax was passed by Congress in 2010 to generate income for healthcare. The tax will be imposed on capital gains from real estate sales for individuals who earn more than $200,000 and couples who earn more than $250,000. For individuals there is a tax exemption of $250,000 in gains and for couples, only gains above $500,000 will be subject to the 3.8% tax.
We asked local attorney Keith Schutzman for an explanation and here is what he shared:
I think the tax will have a small effect on the residential market in Scarsdale. The tax, intended to provide additional funding to the Medicare trust, applies only to taxpayers whose adjusted gross income (AGI) exceeds $200,000 for individuals, and $250,000 for married couples filing jointly. It applies to certain types of investment income, dividends and capital gains. The main reason I believe the tax will have a minimal impact is that with respect to sale of a principal residence, the existing exemption is $250,000 of gain for individuals and $500,000 of gain for married couples filing jointly. That exclusion eliminates the vast majority of sellers from any liability for the tax. Clearly there are potential sellers in this area who will have potential liability. There are some long time homeowners that will have that type of gain. However, my feeling is that even for those homeowners, the amount of tax (3.8% of the gain over $500,000) is not going to deter them from selling. For most, the personal reasons that go into a decision to sell after many years of ownership (health reasons for instance) for selling will outweigh the effect of the tax.
So what’s the bottom line? If you have realized a large gain on your home and are considering a sale, you might want to list your home sooner than later to avoid the tax.
In the meantime, here are this week’s sales.
28 Franklin Road: (Pictured above) Spacious, sunny Colonial is on flat 1/2 acre in move-in condition. Beautiful kitchen with granite counters, SubZero frig, and sliding door to deck overlooking the property. The master suite includes a large marble bath and large walk-in closet. Charming home on one of Scarsdale's prettiest streets.
Sale Price: $1,600,000
Real Estate Taxes: $38,122
2 Bansom Road: Elegant center hall Colonial with nine foot ceilings on first floor, wainscoting in center hall and dining room, extra large garage and laundry room. Slate patio off kitchen. Nine foot ceiling in master suite. 1,000 square foot finished basement. 3-zone heat and cac. Cook's kitchen with large center island and stainless steel appliances. Sun-filled home with large rooms.
Sale Price: $1,500,000
Real Estate Taxes: $34,259
168 Johnson Road: Young Edgewood Colonial. Open kitchen/family room with woodburning fireplace. Spacious master suite with skylit bath and 3 large closets including a walk-in closet. All Anderson windows, hardwood floors thru-out, 3-zone sprinkler, 3-yr Timberline roof, updated baths, new water heater, new appliances, refinished deck, newly fenced in yard. Finished lower level with playroom, maid's room and many closets.
Sale Price: $895,000
Real Estate Taxes: $19,213
209 Glendale Road, Edgemont: Newly renovated and expanded four-bedroom Colonial with wonderful flow in ideal location. Designer's own kitchen (2004) with high quality cabinets, granite counters, stainless steel appliances, island with breakfast bar and eat-in area with French doors to spacious deck and flat yard. First floor includes cherry floors and oversized family room with high ceilings open to kitchen. Master bedroom with soaring ceilings, walk-in closets and luxurious bath.
Sale Price: $1,285,000
Real Estate Taxes: $34,795
580 Fort Hill Road, Edgemont: This sunny colonial just had a makeover! Freshly painted inside and out, and recently updated with a newer look. Five bedroom home on a lush .36 acres offers versatile space for today's savvy buyers. Central AC, first floor master bedroom and bath and 2-car attached garage.
Sale Price: $557,000
Real Estate Taxes: $26,353
